Response to the following:
1. How did the Bretton Woods and the Smithsonian Agreements affect the ability of foreign exchange rates to float freely? How did the elimination of exchange boundaries in 1973 affect the ability of foreign exchange rates to float freely?
2. How are foreign exchange markets open 24 hours per day?
3. What are the major foreign exchange trading activities performed by financial institutions?
If possible, please give examples to better understand your response.